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Possible Bullish Inside Day Candle Pattern Detected for Ingersoll-Rand (NYSE:IR)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Ingersoll-Rand (NYSE:IR) based on the price action in the company's shares. Today's price range of $59.34 and $60.15 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Ingersoll-Rand may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Ingersoll-Rand Company Ltd. is a diversified, global company that provides a diverse range of products and services for a wide range of industries. The Company's operations include consist of air conditioning systems and services, climate control technologies, industrial technologies and security technologies.

In the past 52 weeks, shares of Ingersoll-Rand have traded between a low of $47.08 and a high of $70.93 and are now at $59.97, which is 27% above that low price. The 200-day and 50-day moving averages have moved 0.09% lower and 1.57% higher over the past week, respectively.

Potential upside of 8.2% exists for Ingersoll-Rand, based on a current level of $59.97 and analysts' average consensus price target of $64.89. The stock should find resistance at its 50-day moving average (MA) of $61.28, as well as support at its 200-day MA of $56.98.

SmarTrend is monitoring the recent change of momentum in Ingersoll-Rand. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Ingersoll-Rand in search of a potential trend change.

Keywords: bullish inside day candle Ingersoll-Rand

Ticker(s): IR